Polygon Price Analysis: MATIC finds support at $1.20

TL;DR Breakdown

• Polygon price analysis is bullish for today.
• MATIC/USD saw further gains overnight.
• The support found above $1.20.

The price analysis of Polygon is favorable for today, as the market continued to fall, this time MATIC/USD bounced back from the $1.1 mark to the $1.2 support. Before demonstrating bullish reaction indicators thereon. As a result, we anticipate MATIC/USD to rise later today and regain previous major support at $0.60.

Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.

Polygon price movement in the last 24 hours: Polygon retraces to $1.20 support

MATIC/USD traded in a range of $1.19 – $1.244, indicating strong volatility over the last 24 hours. The trading volume has increased by 8.46 percent and totals $1.19 billion, while the total market capitalization trades around $7.65 billion, ranking the coin in 21st place overall.

MATIC/USD 4-hour chart: MATIC look to return above $1.30 

On the 4-hour chart, Polygon’s price is beginning to move back towards the $1.40 previous major support.

MATIC/USD 4-hour chart. Source: TradingView

Polygon’s price action has been in the red for several weeks. After a powerful rise to $1.35 at the start of September, an equal-sized retracement followed on September 7th.

After testing the psychologically $1.00 resistance in early July, Polygon found support above $1.3 and remained stagnant for more than a week around that level, with the $1.200 resistance eventually established. Polygon has been on a continuous decline since then, tracking below the $1.4 support last week before breaking lower.

Recovery of the price is imminent. Prices will rise once again and can be expected to find support at $1.4, if not higher due to the presence of bullish signals on the at-the-time mentioned 4-hour chart.

The daily chart also demonstrates a recovery: The RSI indicator had been trending lower, suggesting recovery of the price is imminent. Prices will rise once again and can be expected to find support at $1.250, if not higher due to the presence of bullish signals on the at-the-time mentioned 4-hour chart. on August 31st, an increase in selling volume caused the RSI indicator to trend lower, indicating bearishness.

Polygon Price Analysis: Conclusion 

The $1.20 mark has proved as solid support for the bulls, and the market continued its decline today, with another minor shift downwards. We anticipate that MATIC/USD will rise higher and perhaps revisit the $1.30 major level after further selling was rebuffed.

While waiting for Polygon to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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